PATRIZIA Immobilien AG / Miscellaneous
09.09.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Ad hoc disclosure in line with Article 15 of the WpHG
PATRIZIA Immobilien AG records further two block sales with a total of
381 units worth EUR 78.5 million
Augsburg (Germany) September 9th, 2008. PATRIZIA Immobilien AG (ISIN:
DE000PAT1AG3) has sold the Asset Repositioning projects Altmarktkarree 1 in
Dresden and Prinzregentenstrasse in Munich in two independent transactions.
The sales proceeds for both transactions totaled EUR 78.5 million.
The successful bidder for the acquisition of the Altmarktkarree 1 ensemble
comprising 318 residential and 39 commercial units in a top-quality
downtown Dresden location was PATRoffice GmbH & Co. KG, in which PATRIZIA
Immobilien AG holds a minority interest of 6.25% alongside two
international institutional investors. The investors thus made use of the
right of first acquisition granted to them for this commercial property.
The objective is to generate further capital growth collectively. The
second property, located in the center of Munich at Prinzregentenstrasse
and comprising 24 units, was also sold as a block sale to a Spanish
investor.
At the end of 2005, PATRIZIA procured the Dresden Altmarktkarree 1 property
from the city of Dresden. At the time of the acquisition, the three
buildings, dating from the years 1954 to 1963, were in a mediocre state of
repair and had significantly high vacancy levels. The objective of the
acquisition was portfolio optimization and the generation of the best
possible real estate performance in every phase of use. Implementation of
the measures aimed at capital growth began in April 2006. To begin with,
all unleased apartments were thoroughly renovated. While modernization was
in progress, the now renovated vacant apartments and commercial units were
already being released. Furthermore, an extensive modernization of the
façades and stairwells was also carried out. Once the modernization had
been completed, the planned sell-off of the Altmarktkarree 1 ensemble
began. For investors, the crucial factor in purchasing the property was the
stable cash returns from the portfolio as well as the potential for further
capital appreciation. PATRIZIA will not only retain an interest in returns
generated by Altmarktkarree 1 through its partnership interest but will
also assume the entire service range from property management through
asset management for the three buildings.
Alongside the supplemental Residential Property Resale service, the
selling-off of both projects in the form of block sales clearly shows the
continuation of the transaction-oriented PATRIZIA investment strategy of
acquiring prime real estate with potential to enhance the value, optimizing
the real estate by means of value enhancement measures and in turn, selling
the real estate for a profit through the best sales channel, whether as a
block sale or single unit sale in the privatization. These transactions
show that there is a demand for top German locations that corresponds to
the prospects for capital growth.
The sale also increases PATRIZIAs second foothold the Services segment
due to the fact that additional income is generated through service
agreements.
These transactions, as part of our ordinary business activities, represent
a further step towards achieving the profits forecast by PATRIZIA for 2008.
Managing Board
Augsburg (Germany) September 9th, 2008
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
86150 Augsburg
Germany
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
SIN: PAT1AG
Contact:
Investor Relations:
Claudia Kellert
Tel.: +49 / 821 5 09 10-360
Fax: +49 / 821 5 09 10-399
investor.relations@patrizia.ag
Press
Andreas Menke
Tel.: +49 / 821 5 09 10-655
Fax: +49 / 821 5 09 10-695
presse@patrizia.ag
DGAP 09.09.2008
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Language: English
Issuer: PATRIZIA Immobilien AG
Fuggerstraße 26
86150 Augsburg
Deutschland
Phone: +49 (0)821 - 509 10-000
Fax: +49 (0)821 - 509 10-999
E-mail: investor.relations@patrizia.ag
Internet: www.patrizia.ag
ISIN: DE000PAT1AG3
WKN: PAT1AG
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Hamburg, Düsseldorf, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: PATRIZIA Immobilien AG records a further two block sales with a total of 381 units worth EUR 78.5 million
| Source: EQS Group AG